U.S. Lawmakers Argue SEC Accounting Policy Undermines Safe Crypto Custody

U.S. Rep. Patrick McHenry (R-N.C.), the chairman of the House Financial Services Committee, and Sen. Cynthia Lummis (R-Wyo.), who has authored crypto legislation, sent a letter to several banking agencies on Thursday asking how they’re dealing with a controversial bulletin from the Securities and Exchange Commission that advised financial institutions they should maintain customers’ crypto holdings on their own balance sheets.